Commissioner of Taxes v Webber - [1956] NZLR 552

Public Revenue — Income Tax — Deductions — "Loss exclusively incurred in the production of the assessable income for any income year" — "Loss" differentiated from "expenditure" — Purpose of Loss irrelevant — Degree of Connection between Business carried on and Cause of Loss — Loss to be incurred as Part of Operations reasonably incidental to Earning of Income in Income Year — Loss incurred through Actionable Negligence of Taxpayer in Transactions from which Taxpayer earned his Income not "loss of capital" — Land and Income Tax Act 1923, ss 80 (1) (b), 80 (2) — (Land and Income Tax Act 1954, ss 111, 112 (a)).